News

CBIC issued amendments in the Territorial Jurisdiction of Principal Commissioner of Central Tax

18 Aug 2023

#GSTNEWS #gst #news

CBIC issued amendments in the Territorial Jurisdiction of Principal Commissioner of Central Tax

The CBIC vide Notification No. 39/2023-Central Tax dated August 17, 2023 made amendments to Notification No. 02/2017-Central Tax dated June 19, 2017 under the Central Goods and Services Tax Act, 2017 (“the CGST Act”) and Integrated Goods and Services Tax Act, 2017 (“the IGST Act”). The amendment targets specific territorial jurisdiction and tax implications, enhancing the existing framework’s relevance.

GST Council’s fitment committee clarity on SUV ground clearance soon

18 Aug 2023

#GSTNEWS #gst #news #suv

GST Council’s fitment committee clarity on SUV ground clearance soon

The Goods and Services Tax (GST) Council’s fitment committee, composed of revenue officials from both the Centre and states, is expected to provide an explanation of the “ground clearance” criterion and its implementation in the context of utility vehicles (UVs) for purposes of taxation.

GSTN looking for consultancy firm to prepare roadmap for transitioning IT systems to GST 2.0

17 Aug 2023

#GSTNEWS #gst #news #GSTIN

GSTN looking for consultancy firm to prepare roadmap for transitioning IT systems to GST 2.0

With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for the selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0.

CBDT notified Rule 11UACA for Tax Calculation on Life Insurance Policy Amounts u/s 56(2)(xiii)

17 Aug 2023

#INCOMETAX #incometax #it #itr #newrule

CBDT notified Rule 11UACA for Tax Calculation on Life Insurance Policy Amounts u/s 56(2)(xiii)

The CBDT vide Notification No. 61/2023 on August 16, 2023, has utilized its authority under section 56(2)(xiii) and section 295 of the Income-tax Act, 1961, to introduce the “Income tax Amendment (Sixteenth Amendment), Rules, 2023.” These amendments to the Income-tax Rules, 1962, will become effective upon publication in the Official Gazette.

GST investigation unearths shocking details! ‘Gaming apps converting earnings to cryptocurrency

17 Aug 2023

#GSTNEWS #gst #news #onlinegaming

GST investigation unearths shocking details! ‘Gaming apps converting earnings to cryptocurrency

In an alarming development, the authorities in India are grappling with the escalating prevalence of overseas gaming and betting applications that are evading taxes in the country. The GST probe has found out that these firms are converting earnings into cryptocurrency and utilizing networks of shell companies.

Hoteliers seek 6-month deferment of GST, loan repayment as occupancy crashes to 5%

17 Aug 2023

#GSTNEWS #gst #news #hotels #hotelindustry

Hoteliers seek 6-month deferment of GST, loan repayment as occupancy crashes to 5%

Heavy to extremely heavy rainfall has badly affected hotel businesses in Himachal Pradesh, where hoteliers have sought deferment of GST and loan repayment for six months. Heavy rainfall in the Himalayan state has caused massive damage to infrastructure and affected the footfalls of tourists, who have either cancelled or postponed their visit due to repeated events of flash floods and landslides.

MVIRDC seeks clarity on ITC on capital goods and GST treatment of ESOPs

16 Aug 2023

#GSTNEWS #gst #news

MVIRDC seeks clarity on ITC on capital goods and GST treatment of ESOPs

With Goods and Services Tax (GST) still far away from ‘one nation, one tax’ objective with several tax slabs and exemptions, an industry body has suggested several measures including clarifying the position on levy of GST on Employee Stock Option Plans (ESOPs) to achieve the goal.

PM attributes India’s rise to 5th largest economy in the world to efforts of people of India

16 Aug 2023

#export #largesteconomy

PM attributes India’s rise to 5th largest economy in the world to efforts of people of India

Addressing the ramparts of Red Fort on the 77th Independence Day on August 15, 2023, Prime Minister Shri Narendra Modi attributed the rise of India from the 10th to 5th largest economy in the world to the efforts of 140 crore people of India. He said this has happened because this Government stopped leakages, created a strong economy, and spent maximum money for the welfare of the poor.

PM says India’s exports rising rapidly, world rating agencies recognizing India’s potential

15 Aug 2023

#export #economy #globaleconomy

PM says India’s exports rising rapidly, world rating agencies recognizing India’s potential

The Prime Minister, Shri Narendra Modi, speaking from the ramparts of the Red Fort on the occasion of 77th Independence Day on August 15, 2023, said that India’s exports is rising rapidly and the world is saying that India will not stop now.

Mandatory GST Liability for Online Money Gaming Companies Could Reach Rs 45,000 Crore

16 Aug 2023

#GSTNEWS #gst #news #onlinegaming

Mandatory GST Liability for Online Money Gaming Companies Could Reach Rs 45,000 Crore

The Central Board of Indirect Taxes and Customs (CBIC) has determined that online money gaming companies are subject to an additional tax liability of approximately Rs 45,000 crore. However, the differential taxation treatment between games of skill and chance has now been abolished. The CBIC estimates that the gaming industry alone has evaded Rs 45,000 crore in taxes.

India hikes windfall tax on crude petroleum to Rs 7,100 per tonne

14 Aug 2023

#petrol #naturalresource

India hikes windfall tax on crude petroleum to Rs 7,100 per tonne

The Indian government on Monday increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15, according to the notification of Finance Ministry. Along with crude petroleum, Special Additional Excise Duty (SAED) on diesel will also see a rise. It will be hiked to Rs 5.50 per litre from Re 1 per litre at present, said the notification.

GST at par with personal income tax as share of GDP

13 Aug 2023

#GSTNEWS #gst #news #incometax

GST at par with personal income tax as share of GDP

Goods & services tax (GST) as a share of gross domestic products (GDP) has maintained parity with personal income tax, a report by Finance Ministry shows. Economists attribute this to consumption demand, compliance, and some impact of inflation. However, another view is that this trend is not leading to an overall regressive taxation regime.

Chhattisgarh: Businessman held for GST fraud of Rs 10.14 crore in Bilaspur

15 Aug 2023

#GSTNEWS #gst #news #gstfraud

Chhattisgarh: Businessman held for GST fraud of Rs 10.14 crore in Bilaspur

A businessman was arrested by the Central GST in Chhattisgarh’s Bilasput district for allegedly availing and utilising input tax credit (ITC) worth Rs 10.14 crore by issuing bogus invoices, an official said on Saturday. Officials of the Central GST on Friday arrested Sanjay Shende under relevant provisions of the Central Goods and Services Tax (CGST) Act, the official said.

India’s Foreign Trade for the month of July, 2023

14 Aug 2023

#FORIEGNTRADE #DGFT

India’s Foreign Trade for the month of July, 2023

India’s overall exports (Merchandise and Services combined) in July 2023* is estimated to be USD 59.43 Billion, exhibiting a negative growth of (-) 5.06 per cent over July 2022. Overall imports in July 2023* is estimated to be USD 67.77 Billion, exhibiting a negative growth of (-) 12.92 per cent over July 2022

14 Aug 2023

#INCOMETAX

Income Tax Department Finds Alleged Tax Evasion Worth Rs 15,000 Crore By Insurance Companies: Report

The Income Tax (I-T) department has completed it’s investigation of insurance companies and found out tax evasion of more than Rs 15,000 crore. The investigation was being conducted to inspect alleged malpractices committed by the insurance companies regarding commission payments.

CA & 14 others arrested in probes linked to Mahadev Book and Reddy Anna illegal betting apps

14 Aug 2023

#GSTNEWS #CAarrested

CA & 14 others arrested in probes linked to Mahadev Book and Reddy Anna illegal betting apps

Raipur Police on Saturday, August 12, have successfully hunted down multiple groups linked to Mahadev Book and Reddy Anna betting apps. Notably, a chartered accountant (CA), who was also the mastermind of the case, was arrested along with 8 individuals. Moreover, police were also successful in seizure of Rs 14.5 lakh in cash, 21 mobiles, several bank passbooks and cheque books, laptops, computers and books containing transactions record books.

Companies pay GST twice as suppliers err in filings

14 Aug 2023

#GSTNEWS #gst #news #itc #section16(2)

Companies pay GST twice as suppliers err in filings

Genuine enterprises suffer even as taxmen bust networks of fake entities and bogus input tax credit (ITC) claims running into hundreds of crores of rupees. GST data mismatch between the filings of the buyer and the seller debar the former from claiming ITC.

Finance Ministry takes decision on GST rates on online gaming, to come into effect from Oct

11 Aug 2023

#GSTNEWS

Finance Ministry takes decision on GST rates on online gaming, to come into effect from Oct

Finance Ministry takes decision on GST rates on online gaming, casino & horse racing to come into effect from October 01, 2023

CBDT extends the applicability of Transfer Price Safe Harbour Rules till Assessment Year 2023-24

10 Aug 2023

#ITNEWS #incometax #it #rules

CBDT extends the applicability of Transfer Price Safe Harbour Rules till Assessment Year 2023-24

The CBDT vide Notification No. 58/2023 dated August 09, 2023 has extended the applicability of Rule 10TD (1) and Rule 10(2A) of the Income-tax Rules, 1962 (“the IT Rules”), until the Assessment Year 2023-24. Rule 10TD of the IT Rules pertains to the list of eligible international transactions in which the transfer price declared by the assessee is required to be accepted by the Income-tax Authorities.

FM is likely to Introduce GST Law Amendments During Monsoon Parliament Session Tomorrow

10 Aug 2023

#GSTNEWS #gst #news #onlinegaming #onlinegames

FM is likely to Introduce GST Law Amendments During Monsoon Parliament Session Tomorrow

Finance minister Nirmala Sitharaman is likely to introduce amendments to the Central GST law on Friday and seek its passage during the monsoon session of Parliament as the government races against time to arm itself with powers to levy tax on online games, casinos and horse racing.

Govt should propose to GST Council to cut tax rates on fertilisers Parliamentary panel

10 Aug 2023

#GSTNEWS #gst #news #farmers #raterationalization

Govt should propose to GST Council to cut tax rates on fertilisers Parliamentary panel

“The Committee failed to understand this anomaly. The Department has clarified that the raw material of fertilisers like Sulphur has multiple uses and is also used in the production of detergents, paints, dyes etc. Similarly, ammonia too has multiple uses and is also used as refrigerator gas, manufacturing of plastics, explosives, textiles etc,” the report said.